Each certificate shall have a provision that the certificate holder is entitled to a grace period of thirty-one days within which the payment of any call or assessment may be paid after the first month. The provision shall also state that during the grace period the certificate shall continue in full force, but if a claim arises under the policy during the grace period but before the call or assessment is paid, the amount of the call or assessment may be deducted from the amount payable under the certificate.
Code 1950, §§ 38-145, 38-449; 1952, c. 317, §§ 38.1-543, 38.1-555; 1986, c. 562.
Structure Code of Virginia
§ 38.2-4000. Societies to which chapter applies
§ 38.2-4001. Society may be incorporated
§ 38.2-4002. Continuation of existing societies
§ 38.2-4003. Licensing of additional societies prohibited
§ 38.2-4004. What laws applicable
§ 38.2-4005. License may be renewed annually
§ 38.2-4007. Adoption of bylaws
§ 38.2-4008. Fidelity bond required
§ 38.2-4009. Inspection of books and papers
§ 38.2-4010. Accumulation of reserve for an emergency fund
§ 38.2-4011. Maintenance of reserve for an emergency fund
§ 38.2-4012. Disposition of reserve for an emergency fund; discontinuance of business; receiver
§ 38.2-4013. Certificates of membership
§ 38.2-4014. Required grace period
§ 38.2-4015. Certificate to specify amount of payment and when to be paid
§ 38.2-4016. Payments become liens on society's property
§ 38.2-4017. Notice of assessment
§ 38.2-4018. Liability on officers and directors for failing to levy assessments
§ 38.2-4020. When certificate invalid
§ 38.2-4021. Interest in benefits; assignability; liability to attachment, etc.
§ 38.2-4022. Certain contracts with undertakers, etc., forbidden